In Bid for Clarity, Fed Delivers Opacity

Bernanke's Straightforward Message Gets Lost in Market's Translation

By

Jon Hilsenrath

May 23, 2013 8:22 p.m. ET

The Federal Reserve is having some trouble explaining itself.

Fed Chairman Ben Bernanke told Congress on Wednesday that the central bank could start reducing its $85 billion-per-month bond-buying program at one of its "next few meetings" and cautioned that he was reluctant to move aggressively or prematurely.

That straightforward message, however, has been muddled by a number of other signals sent by the Fed and Mr....